 \textit{Panel A: Markdown correlations}     &  \multicolumn{2}{c}{log(Markdown)}  &  \multicolumn{2}{c}{log(Markdown)}  \\       
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&&\\   
1(Employers' Association)&       0.112&       0.052&            &            \\
\addlinespace
1(Cartel)           &       0.080&       0.041&            &            \\
\addlinespace
1(1855$<$Year$<$1865) &            &            &      -0.021&       0.039\\
\addlinespace
1(1865$<$Year$<$1875)  &            &            &      -0.020&       0.038\\
\addlinespace
1(1875$<$Year$<$1885) &            &            &       0.059&       0.045\\
\addlinespace
1(1885$<$Year$<$1895) &            &            &       0.108&       0.047\\
\addlinespace
1(1895$<$Year$<$1905) &            &            &       0.196&       0.045\\
\addlinespace
1(1905$<$Year$<$1915) &            &            &       0.422&       0.054\\
 &&&&\\    Year FE &    \multicolumn{2}{c}{Yes} &       \multicolumn{2}{c}{No}\\  R-squared  &  \multicolumn{2}{c}{.094} & \multicolumn{2}{c}{.076} \\  Observations &       \multicolumn{2}{c}{4432} &  \multicolumn{2}{c}{4705} \\ &&&&\\  
\hline \textit{\textit{Panel B: Employers' assoc.: pre- vs. post-cartel}}   &  \multicolumn{2}{c}{log(Markdown)}  &  \multicolumn{2}{c}{log(Markdown)}  \\       
                    &\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}&\multicolumn{1}{c}{Est.}&\multicolumn{1}{c}{S.E.}\\
 \hline  &&&\\   
1(Employers' Association)&       0.132&       0.042&      -0.058&       0.091\\
 &&&&\\   Time period & \multicolumn{2}{c}{1845-1897} & \multicolumn{2}{c}{1898-1913}\\     R-squared  &        \multicolumn{2}{c}{.094} & \multicolumn{2}{c}{.130} \\  Observations &        \multicolumn{2}{c}{3737} &  \multicolumn{2}{c}{695} \\ &&&&\\ \hline     
